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A fuzzy approach to risk based decision making

Access Status
Open access
Authors
Hussain, Omar
Chang, Elizabeth
Hussain, Farookh
Dillon, T.
Date
2006
Type
Conference Paper

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Citation
Hussain, Omar and Chang, Elizabeth and Hussain, Farookh and Dillon, Tharam. 2006. : A fuzzy approach to risk based decision making, in Meersman, R. and Tari, Z. and Herrero, P. (ed), 2nd IFIP WG 2.12 & WG 12.4 International Workshop on Web Semantics (SWWS) in conjunction with OTM 2006, Oct 29 2006, pp. 1765-1775. Montpellier, France: Springer-Verlag.
Source Title
Lecture Notes in Computer Science (LNCS-4278) - On the Move to Meaningful Internet Systems 2006: OTM 2006 Workshops
Source Conference
2nd IFIP WG 2.12 & WG 12.4 International Workshop on Web Semantics (SWWS) in conjunction with OTM 2006
DOI
Faculty
Curtin Business School
School
Centre for Extended Enterprises and Business Intelligence
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Abstract

Decision making is a tough process. It involves dealing with a lot of uncertainty and projecting what the final outcome might be. Depending on the projection of the uncertain outcome, a decision has to be made. In a peer-to-peer financial interaction the trusting agent, in order to analyse the Risk, has to consider the possible likelihood of failure of the interaction and the possible consequences of failure to its resources involved in the interaction before concluding whether to interact with the probable trusted agent or not. Further, it may also have to choose and decide on an agent to interact with from a set of probable trusted agents. In this paper, we propose a fuzzy risk based decision making system that would assist the trusting agent to ease its decision making process.